The Occupational Pension Schemes (Charges and Governance) Regulations 2015

[F1Member agreement for servicesU.K.

This section has no associated Explanatory Memorandum

9.—(1) Subject to paragraph (3), the restrictions in regulation 4 do not apply in relation to [F2advice or] a service for which the member has entered into an agreement with a person for the provision of that [F3advice or] service, provided the conditions in paragraph (2) are satisfied.

(2) The conditions referred to in paragraph (1) are that the agreement must—

(a)be in writing; and

(b)include a statement that entering into the agreement—

(i)is not a condition of becoming or remaining a member of a relevant scheme;

(ii)is not a condition of the member's contributions being allocated under a default arrangement; and

(iii)will incur charges at a rate or of an amount specified in the agreement and that such charges may be higher than would otherwise be permitted under these Regulations;

(c)be entered into before the charges are imposed.

(3) This regulation does not apply to [F4advice or] a service which—

(a)the provider is under a statutory obligation to provide; or

(b)is a core service.

(4) In this regulation “core service” includes (but is not limited to)—

(a)designing and implementing an investment strategy;

(b)investment of contributions to the scheme;

(c)holding investments relating to scheme members;

(d)a transfer out of a default arrangement into a different arrangement, fund or scheme;

(e)a transfer into a default arrangement.]

Textual Amendments